Shard steel firm slashes dividend

Structural steel company Severfield-Rowen reported a lower first-half pre-tax profit yesterday, hurt by a weak construction market in the UK, but said it would meet its full-year expectations.

The company, which is supplying steel for the Shard London Bridge, cut its interim dividend by 70 per cent to 1.5p a share. For the six months ended 30 June, the company’s underlying pre-tax profit was £3.4m, compared with £8.2m in the same period last year.